Category Archives: Properties
Avoiding Gapital Gains Tax on the Sale of Your Home
Worried about taxes eating away too much of the profit on your home? Under a law enacted about ten years ago, a married couple filing jointly usually can exclude as much as $500,000 of their gain. For someone who is single or married and filing separately, the limit is $250,000.
To qualify for the full exclusion, you typically must have owned the home and lived in it as your primary residence for at least two of the five years prior to sale.
This exclusion applies only to your primary residence. Even someone who couldn’t pass those tests might qualify to exclude most or all of the gain under certain circumstances. The seller may be eligible for a reduced exclusion if that person had to sell because of a “change in place of employment”, health reasons or “unforeseen circumstances.” What are unforeseen circumstances? Examples cited by the Internal Revenue Service include divorce, death, or “multiple births resulting from the same pregnancy.”
Some think they’re required to buy a new home to qualify for this home-sale gain exclusion. That’s wrong. They’re probably thinking about a law that was repealed about a decade ago, under which you could defer tax on the gain on the sale of your home by rolling over the proceeds into a new home that cost as much as, or more than, the old one. Congress eliminated that law, in part because it was viewed as unfair to people who wanted to downsize and buy a less expensive home or to sell and move into a rental. Contact Patrick Warholic, your Folsom, El Dorado Hills, and Granite Bay Realtor for details.
Folsom Luxury Homes and Land Specialist
Our motto is to always “Do the Right Thing”, starting with providing premier executive real estate service to buyers and sellers of Folsom, Granite Bay, and El Dorado Hills luxury homes and land.
For more information from California Home Network visit Patrick Warholic, The Internet Home Marketing Specialist for free, no registration required, MLS home and property searches with amazing home search results at your fingertips, along with its ease of use, no registration required advanced home search features that will simply astound you. You can even search by using the new Google Map search, with community search parameters, and even do a home search for energy saving features too. Are you looking for great real estate deals, short sales, or bank owned properties? With this powerful home search engine that information is right at your fingertips now.
California Home Network also provides free real estate reports, information for sellers, information for buyers, and find out exactly what your home is worth with a free home valuation, with current up-to-date market information provided for you.
Learn how how you can be mortgage free in 8 to 11 years without re-financing. Ask for your free House Payment Free analysis.
Contact Patrick Warholic, Realtor, CCRA, SRES, ASP, and e-PRO certified.
Tips for Sellers in a Cooling Market
A drop-off in buyer demand and rising home inventories has made putting a house on the market trickier for homeowners whose properties appreciated during the boom and who hope to retain their gains. Attracting a shrinking pool of buyers without losing too much financial ground can be tough. To make the most of your real-estate dollars, follow these tips:
1. Know the playing field. Study your local market and investigate other homes for sale, local asking prices and what buyers are paying. Visit open houses in your area. Be savvy to market trends and how what things are worth.
2. Price competitively. Because of the growing number of properties on the market, buyers have a greater number of homes from which to choose. If a home is overpriced, a buyer will dismiss it and move on to the next one. Consult with your real estate agent on an appropriate price
3. Don’t be quick to pass up offers. The longer your house takes to sell, the more money you lose. Don’t be quick to turn down an offer, because making a deal now, instead of later, can save you money in the end.
4. Negotiate. Offer concessions, such as making minor fixes. Small expenditures, by possibly speeding a sale, can go a long way in preserving the substantial home-price gains.
5. Play up assets. Now that there are more properties on the market, sellers must impress buyers. The strategy is to allow a new owner to imagine himself in the home. Remove clutter. Pay for some inexpensive landscaping. Determine what the popular “look” is in your neighborhood and mimic it.
Tips for Sellers in a Cooling Market—excerpted from WSJ.com
Folsom Luxury Homes and Land Specialist
Our motto is to always “Do the Right Thing”, starting with providing premier executive real estate service to buyers and sellers of Folsom, Granite Bay, and El Dorado Hills luxury homes and land. You can expect performance, not promises.
For more information from California Home Network visit Patrick Warholic, The Home Marketing Specialist, and for free, no registration required, MLS home and property searches with amazing home search results at your fingertips, along with its ease of use, no registration required advanced home search features that will simply amaze you. You can even perform a home search by using the new Google Map home search feature, with advanced community search parameters, and even do an advanced home search for energy saving features too. Maybe you are searching for a new home investment property or a great deal on a second home. Well, now you can find great real estate deals with REO bank owned properties and short sale homes listed in the MLS directory. This real estate information is right at your fingertips, and once again, no registration is required.
California Home Network also provides free real estate reports, information for sellers, information for buyers, and find out exactly what your home is worth with a free home valuation, with current up-to-date market information provided for you.
Learn how how you can be mortgage free in 8 to 11 years without re-financing. Ask for your free House Payment Free analysis.
Contact Patrick Warholic, Realtor, CCRA, SRES, ASP, and e-PRO certified.
